Mobile location-based social network Foursquare has just bagged $35 million in a recent funding round. Co-founder and Chief Executive Officer Dennis Crowley wrote the announcement on the company's blog, according to Click Z.
Crowley wrote that the new capital came from DFJ Growth and Capital Group. The round is intended to fund the company's efforts to beef up its ad network, the report said.
Foursquare's new platform lets businesses send real-time ads and place recommendations to the social network's 45 million users using targeted deals and coupon offers. The ads are placed on users' phones as they walk around certain vicinities. This is done without having to check in, the report explained.
In just two months, Foursquare's ad platform for small businesses has gained enough momentum to be actively used in 80 countries all over the world. Reinforcing its engineering and sales team will allow the company to further support the expansion, Click Z reported.
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